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BHDG ETF — Nicholas Bitcoin Tail ETF
Nicholas Bitcoin Tail ETF (BHDG)
Updated November 6, 2026.
BHDG is an ETF linked to Bitcoin ETFs/ETPs. Its expense ratio is 0.97%. Total return is -12.3% over the past 0.6 years, 24.0 points behind SPY at 11.7%.
Nicholas Bitcoin Tail ETF is an options-based fund that seeks to protect against significant declines in Bitcoin by purchasing put options on Bitcoin ETFs and ETPs while selling call options or call spreads to offset protection costs. The fund has a modest asset base and carries an expense ratio of 0.97%. It appeals to investors seeking downside protection for Bitcoin exposure rather than traditional capital appreciation.
BHDG performance versus SPY
Total return is -12.3% over the past 0.6 years, 24.0 points behind SPY at 11.7%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | 9.0% | — |
| 3M | -5.4% | — |
| 6M | -1.6% | — |
| YTD | -12.3% | — |
| Since inception 2026-03-18 · 0.6 years | -12.3% | — |
BHDG key facts
- Issuer
- Nicholas Wealth Management
- Asset type
- ETF
- Asset class
- Equity
- Inception date
- 03/18/2026
- Expense ratio
- 0.97%
- Distribution frequency
- None
- Last close
- $22.48 (as of 2026-11-06)
- AUM
- $15,374,771
- Average volume
- 18,110
- Beta
- -0.8353
How Dividend Vision calculates returns
Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: Nicholas Wealth Management or company page; Index: Bitcoin ETFs/ETPs; prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
BHDG risks and drawbacks
Total return has trailed SPY over the available window.
Who may consider BHDG — and who may not
It is a weaker fit for investors who need monthly cash flow (BHDG does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.
More on BHDG
Frequently asked questions
Does BHDG pay monthly?
No. BHDG does not currently distribute.
What is BHDG linked to?
BHDG is linked to Bitcoin ETFs/ETPs, not a broad market index.
What is BHDG's expense ratio?
BHDG's expense ratio is 0.97%.
When does BHDG pay a dividend?
BHDG does not currently distribute.
How has BHDG performed?
Total return is -12.3% over the past 0.6 years, 24.0 points behind SPY at 11.7%.
More securities from Nicholas Wealth Management.
Tickers
Holdings as-of date unavailable.
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